I own a number of residential rental properties in my own name, most of which I have owned for many years.
I also have one residential property, bought this year, now registered in the name of my company (sole Director and shareholder). I have done this in order to utilse the tax losses within this company. The company used to be GST registered, but was deregistered a couple of years ago. There is no mortgage on this property.
I am now looking to buy an existing commercial property to use as a storage/workshop facility within my rental activities. As it is a commercial, it is being sold at a price plus GST.
Question: Is there any way I can claim the GST portion of the purchase price back after purchase given I will have no +GST income?
I do not want to transfer any of my existing rentals into my company name, as this would trigger tax liabilities under the ringfencing legislation for the next 2+ years.
I also have one residential property, bought this year, now registered in the name of my company (sole Director and shareholder). I have done this in order to utilse the tax losses within this company. The company used to be GST registered, but was deregistered a couple of years ago. There is no mortgage on this property.
I am now looking to buy an existing commercial property to use as a storage/workshop facility within my rental activities. As it is a commercial, it is being sold at a price plus GST.
Question: Is there any way I can claim the GST portion of the purchase price back after purchase given I will have no +GST income?
I do not want to transfer any of my existing rentals into my company name, as this would trigger tax liabilities under the ringfencing legislation for the next 2+ years.
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